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Home Featured

Hustler Fund: What Is It And How Do You Access It?

Muchiri by Muchiri
December 2, 2022
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Hustler Fund: What Is It And How Do You Access It?
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One of the manifestos the Kenya Kwanza administration promised Kenyans was the launch of the Hustler Fund. An initiative that would see the government set aside Ksh50 billion to provide cheaper credit for micro and small businesses.

True to their word, the Hustler Fund is here and will be launched on Wednesday after receiving the go-ahead from the Cabinet.

We’ve compiled a series of answers to questions that we think most of you interested in the loan have.

1. How Does the Hustler Fund work?

a) Provides a digital platform with the best deals on financial products for micro and small businesses.
b) Provides digital tools to help customers understand and manage their finances better.

2. How will the Hustler Fund be accessed?

Through a USSD code (*254#) and mobile app platforms of the mobile network operators i.e Safaricom, Airtel and Telkom.

3. What products are available under the Hustler Fund ?


a) Personal Finance (Ksh 500 to Ksh 50,000 depending on your scoring).

b) Micro Loan

c) SMEs Loan

d) Start Up

4. What are the features of the Hustler Fund?

a) Loan is between Ksh500 and Ksh50,000 depending on your credit score determined by various parameters.

b) The repayment period is 14 days

c) The interest on loan is 8% a year calculated per day

d) The repayment period is 14 days. If a customer borrows Ksh500 at 8% interest a year, in 14 days the interest to be paid will be Ksh1.53. The customer will repay Ksh501.53

5. How much will borrowers access?

This will be determined by consistent borrowing and repayment on schedule

6. What happens when a customer borrows?

a) The approved loan is sent to your mobile money account: 95% is deposited in your money wallet and 5% in your savings account scheme of the Hustler Fund

b) The 5% that goes to the savings scheme is split into two: 70% of this goes to long term savings (pension) and 30% to short-term savings

c) If a customer borrows Ksh1,000 for example, 5 per cent (Ksh50) will go to the savings account

d) Of the Ksh50, 70%, (Sh35) will go to the borrower’s pension account and 30%, (Ksh15) to the savings account

7. What if a loan is borrowed erroneously?

It cannot be reversed and must be repaid

8. How is the Hustler Fund repaid?


Through the mobile money account. The loan repayment period shall be 14 days with an interest of 8% per annum.

9. Can a customer transfer the loan to another mobile phone number?

No, one cannot transfer the loan from one number to another.


Read More: M-Pesa Go Account For Minors Officially Launched By Safaricom


10. Qualifications to be eligible for the fund


a. Be a Kenya citizen 18 years and above
b. Valid ID card
c. Registered mobile phone number with Safaricom, Airtel and Telkom
d. Have a mobile money account: M-Pesa, Airtel Money or T-Kash
e. The sim card must have been in use for more than 90 days

11. Can one customer use than one phone number to borrow?

No, the Hustler Fund identifier is the ID number. If you need to register another number for the Hustler Fund, you must opt out of the one registered

12. What happens if the phone is lost?

The savings are safe because the Hustler Fund account is protected by the PIN number. The account will be accessible upon replacement of your SIM card.

13. What happens when you default?

a) If the loan is not repaid in 14 days, the customer’s credit rating is affected
b) A customer is given 15 more days and if the loan is not repaid, the interest rises to 9.5 per cent a year
c) After more than 30 days of default, the borrower loses all the credit scores accumulated and their Hustler Fund account is frozen.

14. Why do they need my M-Pesa PIN?

Your Mobile Money PIN protects your hustler Fund account. If you lose your phone or sim card, this will come in handy.

Once you replace your SIM card at your Mobile Network Operator outlet, you will access your Hustler Fund account using your current Mobile Money PIN.

Note: There is no CRB and this default does not affect the person’s credit rating with other creditors. The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment

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